Consumer Price Index: November Headline At 2.18%

The Bureau of Labor Statistics released the November Consumer Price Index data this morning. The year-over-year non-seasonally adjusted Headline CPI came in at 2.18%, down from 2.52% the previous month. Year-over-year Core CPI (ex Food and Energy) came in at 2.21%, up from the previous month's 2.14% and above the Fed's 2% PCE target.

Here is the introduction from the BLS summary, which leads with the seasonally adjusted monthly data:

The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in November on a seasonally adjusted basis after rising 0.3 percent in October, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 2.2 percent before seasonal adjustment.

The gasoline index declined 4.2 percent in November, offsetting increases in an array of indexes including shelter and used cars and trucks. Other major energy component indexes were mixed, with the index for fuel oil falling but the indexes for electricity and natural gas rising. The food index rose in November, with the indexes for food at home and food away from home both increasing.

The all items less food and energy index increased 0.2 percent in November. Along with the indexes for shelter and used cars and trucks, the indexes for medical care, recreation, and water and sewer and trash collection also increased. The indexes for wireless telephone services, airline fares, and motor vehicle insurance declined in November.

The all items index increased 2.2 percent for the 12 months ending November, compared to a 2.5-percent increase for the period ending October. The all items less food and energy index rose 2.2 percent in November. The energy index increased 3.1 percent for the 12 months ending November; this was its smallest 12-month increase since the period ending June 2017. The food index rose 1.4 percent over the last 12 months. [More…]

Investing.com was looking for no MoM change in seasonally adjusted Headline CPI and 0.2% in Core CPI. Year-over-year forecasts were 2.2% for Headline and 2.2% for Core.

Jill has been working with Advisor Perspectives since 2012 and in 2015 joined the dshort team as Research Director. She considers herself a Gen X’er and has a background in mathematics and ...
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Jill has been working with Advisor Perspectives since 2012 and in 2015 joined the dshort team as Research Director. She considers herself a Gen X’er and has a background in mathematics and science. She holds a Master of Science in Physical Science with a concentration in physics and astronomy from the University of Chicago. Jill spent a number of years working in both academia and nonprofits, from research in space science to playing a major role in a start-up science outreach organization.

After years in science, Jill shifted her focus to finance and economics. She is interested in economic trends and market reactions, and how domestic and international economies integrate, interact, and influence the world’s markets.

When not analyzing financial and economic data, Jill enjoys running, traveling, and cooking for family and friends.